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At its meeting on June 9-10, 2016, the AcSOC noted that there are diverse global views and pressure for progress on developing an IFRS for rate-regulated activities. The AcSB is compiling evidence of the economic value of rate-regulated activities to support developing a new standard and is increasing its efforts in this regard. Ms. Mezon, Chair of the AcSB, advised that the IASB Chair has expressed the view that a working model should be developed for exposure and that if this is not possible, the project should be suspended. An AcSOC member commented that this would be tantamount to shutting down the project. The project’s suspension might place pressure on the AcSB to come up with a solution for the rate-regulated industry in Canada. Members expressed support for the AcSB’s approach to demonstrate the economic value of rate-regulated accounting and involving Canadian stakeholders in that work.

At its meeting on June 9-10, 2016, the AcSOC noted that there are diverse global views and pressure for progress on developing an IFRS for rate-regulated activities. The AcSB is compiling evidence of the economic value of rate-regulated activities to support developing a new standard and is increasing its efforts in this regard. Ms. Mezon, Chair of the AcSB, advised that the IASB Chair has expressed the view that a working model should be developed for exposure and that if this is not possible, the project should be suspended. An AcSOC member commented that this would be tantamount to shutting down the project. The project’s suspension might place pressure on the AcSB to come up with a solution for the rate-regulated industry in Canada. Members expressed support for the AcSB’s approach to demonstrate the economic value of rate-regulated accounting and involving Canadian stakeholders in that work.

At its meeting on June 9-10, 2016, the AcSOC noted that the AcSB will focus on participating, and working with relevant Canadian stakeholders, in a fatal flaw review on a final draft of the upcoming insurance contracts standard. In reply to a question from a member, Ms. Mezon, Chair of the AcSB, commented on the magnitude of the AcSB’s efforts in working with the Canadian insurance industry in this regard.

At its meeting on June 9-10, 2016, the AcSOC noted that the AcSB will focus on participating, and working with relevant Canadian stakeholders, in a fatal flaw review on a final draft of the upcoming insurance contracts standard. In reply to a question from a member, Ms. Mezon, Chair of the AcSB, commented on the magnitude of the AcSB’s efforts in working with the Canadian insurance industry in this regard.